Solar (SXP) is an accessible, DPoS powered blockchain network. This community-run blockchain was founded in 2018 by Joselito Lizarondo and Nayiem Willems.
What is Solar Network?
More than a blockchain network, Solar Network is a peer-to-peer, decentralized payment network system using SXP coins. In addition, Solar functions as an open-source blockchain with Layer 1, DAO governance, and a proof-of-stake (PoS) mechanism. It also has a Side Ledger Protocol that allows the creation of decentralized applications (DApps) with affordable and immutable tokens with significant efficiency.
This aspect of its functionality is easy enough that even beginners can take advantage of it. While many aspects of Solar are already in full use, Solar’s developers continue to work hard to upgrade the functionality and usability of the network. For example, Solar Metaverse and Solar Launchpad are still in development.
What is SXP Coin?
SXP coin is the native cryptocurrency of the Solar blockchain network. Users holding SXP in their Solar wallet have the right to vote to elect new Delegates and pass new governance proposals. Additionally, all transaction fees for activities on the Solar blockchain are paid using SXP.
About 50 million SXP are held in the founder’s wallet, and another 40.8 million SXPs are held in the treasury’s smart contracts. The circulating supply of Solar (SXP) coins is 559 million units, with a market cap of $343 million.
Cryptocurrency exchanges where solar coins can be boughtas follows:
- Binance
- Bybit
- bitrue
- CoinW
- bitget
Who is Solar Network Founder?
Joselito Lizarondo and Nayiem Willems founded Solar Network in 2018. Lizarondo and Willems, who previously started Swipechain, developed Solar with a similar mission: to provide sustainable, clean energy solutions to remote regions by leveraging blockchain technology.
The Solar Blockchain Foundation was born in Estonia in December 2021 after Binance purchased the remaining outstanding shares of Swipe (SXP). Its main focus is on building a blockchain ecosystem that includes open source developers and a thriving community.
How Solar (SXP) Works
The solar network focuses on Layer 1, an open source blockchain with DAO management to help developers launch new projects in a more scalable environment without exorbitant fees.
While blockchain users have a few top choices like Ethereum, Polygon, and more, more established networks have a few drawbacks that limit users’ access and functionality. The creation and launch of coins and apps, for example, have hitherto been complex processes that require a high level of experience and knowledge. These transactions are also associated with high fees, making them inaccessible to some users. The Solar crypto network has been specially developed so that even relatively inexperienced developers can create and launch their tokens and applications without paying exorbitant transaction fees.
